In India, Islamic mortgage aims in theory to offer a halal financing solution to Indian Muslims and non-Muslims living in India who wish in the context of Islamic sharia to use Islamic financial products in the Indian subcontinent.
In India, Islamic finance should have a privileged place if one considers the importance of the Muslim population in the country which is of the order of 200 million Muslims.
India thus has the important Muslim population, if not the most important, with a growing demand from Muslims for financial products that respect Islamic sharia law.
Unfortunately, the recent decision of the Reserve Bank of India's (RBI) to stop the development of Islamic finance has caused a stir in the reasons related to the position of the Indian financial authorities.
In India, Islamic finance has made an effective contribution to the Muslim inclusion of many Muslims in search of Islamic financial products, be it halal cash deposit, halal financing or Islamic insurance.
However, Islamic Finance in India seems to operate in an informal Islamic financial sector which is not effective if we think about governance and compliance.
Under the pressure of demand for the establishment and regulation of Islamic finance in India, the Indian regulator will have to adapt to the reality and realize the importance of halal ethical finance in today's world.
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